What is the FHA Loan waiting period for borrowers with previous bankruptcy?

A Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify. You can find out more by applying here !. Same rule applies for borrower with chapter 13 bankruptcy. A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 pla.

Does A Bankruptcy Disqualify Me From Getting A Loan?

Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan Florida. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify. You can find out more by applying here !. Same rule applies for borrower with chapter 13 bankruptcy. A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 plan.

How does the FHA treat Charge-offs for credit cards and installment Loans?

Charge-off accounts are not included in borrowers’ debt.

How does the FHA treat collection accounts on my credit report

For non-medical collection accounts when the cumulative outstanding balance is greater than $2,000 borrower may either pay-off the balance or, for the purpose of debt-to-income ratio (DTI), provide proof of a payment plan. If neither are an option, the lender must use 5% of the outstanding balance and include it in the borrower’s DTI calculation.

Can I still qualify for an FHA Home loan if I have delinquent child support?

Delinquent child support must be paid current or in a payment plan.

What are the FHA guidelines for delinquent federal tax debt?

Borrowers with delinquent tax debt are ineligible unless currently in payment plan.

Can you get an FHA loan if you have a tax lien?

Borrowers with delinquent tax debt are ineligible unless currently in repayment plan. Repayment plan tax liens are not required to be paid in full if documentation is provided indicating the borrower is in a valid payment plan. The following is required: The borrower must have made a minimum of 3 months of scheduled payments and documentation of the payments is required. The payment must be included in the DTI / Debt to income calculation. The borrower cannot prepay the payments to meet the 3-month payment requirement NOTE: Borrowers with delinquent taxes may or may not have a tax lien. Borrowers currently in a repayment plan, and the IRS has not filed a tax lien, are not required to meet the minimum 3-month payment requirement. The payment to the IRS will be included in the DTI calculation.

What are the FHA loan guidelines for borrower with previous foreclosure and deed-in-lieu?

F oreclosure waiting period is measured from the date of title transfer. Three (3) years must have elapsed from the time title transferred. If the foreclosed loan was an FHA loan, the 3-year waiting period is based on the date the FHA claim was paid (e.g. foreclosure 11/12/14, FHA claim dates was 7/12/15, the 3-year waiting period ends 7/13/18). Borrowers with foreclosure/Deed in Lieu within 3 years of case number assignment that was due to documented extenuating circumstances may be eligible if the borrower has re-established good credit since the foreclosure. A downgrade to manual underwriting is required. If the foreclosure was included in the bankruptcy, the foreclosure waiting period still applies. HUD treats the foreclosure and Bankruptcy independently, not as a single event.

Guidelines for borrowers with previous short sale and/or pre-foreclosure?

The three-year waiting period from date of title transfer still applies unless they were current at the time on short sale. Speak to your loan officer for specifics.

What are the FHA guidelines for DTI or Debt-to-Income ratio?

The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets. Typically, the DTI cannot exceed 45% of the borrower’s gross income. However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt.

How does FHA treat deferred student loans?

Borrowers with student loans that are in deferment or not fully amortized will be required to calculate 1% of the outstanding balance as minimum monthly payment that will be added in their debt-to-income ratio (DTI) calculation.

Real Estate Investor Associations of Florida

The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets. Typically, the DTI cannot exceed 45% of the borrower’s gross income. However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt.

FHA loan
Baltimore MarylanD

FHA Loan Baltimore Maryland Benefits:

* Only 3.5% Down Payment
* Low interest rates
* Fast Closing – As fast as 17 Days
* If you have not purchased a house in 3yrs or
* Best for first time home buyers
* FHA Loan from 3.5% Down, HomeReady 3% Down.

APPLY NOW!

Home » FHA Loan Baltimore Maryland

FHA Loan Baltimore Maryland- Maryland’s #1 FHA loan lender. We are helping borrowers in Baltimore qualify for the best FHA home loan to meet their borrowing requirements. FHA loans starting with just 3.5% down payment. Apply today!

FHA Loan Baltimore Maryland

CambridgeHomeLoan.com provides FHA loans for purchases, refinancing and cash out refinancing.

FHA Loan Requirements Baltimore Maryland

FICO score of at least 580 for a 3.5% down payment
A credit score of 500 to 579 for a 10% down payment
Mortgage insurance that is offset due to lower FHA interest rates than a conventional loan.
FHA Debt to income ratio of 50% or less

Qualify for a 3.5% down FHA Home Loan. Use this application to prequalify and start shopping for your FHA Loan in Baltimore Maryland today! Purchase, Refinance, Cash Out Refinance.

Prequalifying for your home loan only takes a few minutes. Once received your home loan is on its way. Closing as fast as 21 Days.

Call with any questions. 800-826-5077!

Prequalify now to see how much of an FHA Home Loan you can qualify for.

FHA loan Baltimore MarylanD

FHA loan
Baltimore MarylanD